It is recommend that people should not stick with their current Medicare Part D plans until the review all their options. Medicare enrollees have the opportunity to make changes to his or her Part D coverage, which started October 15 and will end December 7th. Below are seven things Medicare beneficiaries should review during open enrollment period so they can select the best plan that fits their budget and needs.
Covered Medications: Medicare Part D (prescription drug coverage) are allowed to tweak the roster for prescription they cover each year, it is vital that you double-check your current medications and any new medications you expect to use in 2015 will be covered. Each policy varies. Some plans can have low premiums, however drug coverage a person would like to take is not covered. This is why its important to review all your options before selecting a plan.
Prescription Restrictions: Some Part D polices require that beneficiaries to receive prior authorization before the policy will cover certain medications. Some plans will require patients to try generic drugs before it will pay for expensive medications or it could limit the amount of medication a person can buy at one time.
Cost-Sharing Changes: Medicare Part D drug plans tend to change their coinsurance and copayments, which are associated with covered medication each year. In 2015, for the first time, every Medicare Part D plans will use tiered cost-sharing. Most plans will have five tiers, which will include two for brand-name medications, two for genric medications, and one for high-cost specialty medications. Medications in these tiers will have different out-of-pockets costs, which will range from copayments to passing along a percentage of bills to beneficiaries.